DISCONTINUED OPERATIONS

12 Months Ended

Sep. 30, 2017

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

NOTE 3  DISCONTINUED OPERATIONS

Current assets of discontinued operations consist of restricted cash to meet remaining current obligations within the country of Venezuela.  Current and noncurrent liabilities consist of municipal and income taxes payable and social obligations due within the country in Venezuela.

Expenses incurred for in-country obligations are reported as discontinued operations. 

In March 2016, the Venezuelan government implemented the previously announced plans for a new foreign currency exchange system.  The implementation of this system resulted in a reported loss from discontinued operations of $3.8 million in fiscal 2016, all of which corresponds to the Company’s former operations in Venezuela.